The shareholders equity of WBL Industries includes the items shown below. The board of directors of WBL declared cash dividends of $4 million, $17 million, and $180 million in its first three years of operation2016, 2017, and 2018, respectively.

	($ in millions)
Common stock	$	130
Paid-in capitalexcess of par, common		950
Preferred stock, 5%		260
Paid-in capitalexcess of par, preferred		670

Required:

Determine the amount of dividends to be paid to preferred and common shareholders in each of the three years, assuming that the preferred stock is cumulative and nonparticipating.

Par Value Dividend Preferred Annual Preferred Dividend Rate Stock Annual Preferred Dividend Dividends in Arrears at year-end Paid to Total Cash Dividend Paid Preferred Common Paid to 2016 2017 2018 Total